Hot Deal End of an era, Karvy Stock Broking's license has been revoked

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NSE Scraps membership of Karvy Stock Broking

https://www.moneycontrol.com/news/business/mark...

Deal Wiki

Anugrah stock broker too got suspended. Its directors have fled to USA. 😔😔😔

66 Comments  |  
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I have an old karvy demat account, not opened for last 5 years, should I move to other provider?
Not sure if they have sold off my stocks.
How this can be done, can you help with procedure.

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Another example of failure of regulators in Indian market, just like Indian courts they only decide after it is too late. PoA concept should have been replaced a long time ago by current otp based system at least for smaller investors/traders & as for larger ones there should be some form of secondary authentication.

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Bhai mere paas ek Sharekhan demat account tha jo main 15 saal pehle band kar chuka hun by selling every holding. But since last month I am getting emails from BSE & NSE with same Sherkhan customer id and intimating me about my current balance in stocks. Yeh kya lafda hai?

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saucap wrote:

Bhai mere paas ek Sharekhan demat account tha jo main 15 saal pehle band kar chuka hun by selling every holding. But since last month I am getting emails from BSE & NSE with same Sherkhan customer id and intimating me about my current balance in stocks. Yeh kya lafda hai?

Aap 15 saal se market me hain 😍😍😍 omg Suru bhai.
Hmm. Bhai check with Sharekhan team. 🙂🙂🙂

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MrKool_JJ wrote:

Those people who committed suicide because of this. Will their family get the loved ones back cold_sweat confused confused

😔😔😔

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bikidas2060 wrote:

Aap 15 saal se market me hain 😍😍😍 omg Suru bhai.
Hmm. Bhai check with Sharekhan team. 🙂🙂🙂

Hun nahin tha. Aise hi timepass account banaya tha. I went to their main office in Kamala Mills once to check if all dues were settled, they checked and told yes. I don’t understand what nonsense is happening now

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MrKool_JJ wrote:

Those people who committed suicide because of this scam will their families get the loved ones back? cold_sweat confused confused

The case pertains to Karvy unauthorisedly transferring securities of clients into one of its Demat accounts by misusing the PoAs (power of attorney) given by its clients.

Anand rathi had done something similar too.

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saucap wrote:

Hun nahin tha. Aise hi timepass account banaya tha

Pehle apne timepass kiya. Ab Sharekhan waale timepaas kar rahe hai email pe email send karke. smile smile

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saucap wrote:

Hun nahin tha. Aise hi timepass account banaya tha

Kya ap ab hain is line me???

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malikcool wrote:

Pehle apne timepass kiya. Ab Sharekhan waale timepaas kar rahe hai email pe email send karke. smile smile

Cycle of life. First we waste time n then time wastes us. 😔😔😔😔

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malikcool wrote:

Pehle apne timepass kiya. Ab Sharekhan waale timepaas kar rahe hai email pe email send karke. smile smile

Sharekhan nahin [email protected] & nse are sending.. Title is Details of fund balance & securities balance with Trading member Sharekhan Ltd. But I am not at all active in Share Market. Could be a scam so I am not clicking on link but id mentioned is my id only.

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saucap wrote:

Sharekhan nahin [email protected] & nse are sending.. Title is Details of fund balance & securities balance with Trading member Sharekhan Ltd. But I am not at all active in Share Market. Could be a scam so I am not clicking on link but id mentioned is my id only.

Unko bolna agli baar Spam kiya toh BSE ko short kar duga. smile smile

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bikidas2060 wrote:

Cycle of life. First we waste time n then time wastes us. 😔😔😔😔

Searching for Britannia Time Pass ad( very funny with end line “don’t waste time pass” ) that used to come on TV long back but seems not available anymore but found another old one:

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guest_999 wrote:

Searching for Britannia Time Pass ad( very funny with end line “don’t waste time pass” ) that used to come on TV long back but seems not available anymore but found another old one:

🙂🙂

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MrKool_JJ wrote:

Those people who committed suicide because of this scam will their families get the loved ones back? cold_sweat confused confused

Do you think they(goberment) care about people(like us)?

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guest_999 wrote:

Another example of failure of regulators in Indian market, just like Indian courts they only decide after it is too late. PoA concept should have been replaced a long time ago by current otp based system at least for smaller investors/traders & as for larger ones there should be some form of secondary authentication.

Zerodha still asks for a physical signed copy of POA if you want to add a nominee.
If someone hasn’t made anyone a nominee then what will happen to their holdings? Their answer on phone was then zerodha has the right to take over it lol

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bikidas2060 wrote:

We are insects pensive

In India, YES. In developed countries no.
Here it is, I said it again.

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billubakra wrote:

Zerodha still asks for a physical signed copy of POA if you want to add a nominee.
If someone hasn’t made anyone a nominee then what will happen to their holdings? Their answer on phone was then zerodha has the right to take over it lol

I don’t think this is correct, zerodha own site does not mention having PoA as a requirement for submitting nomination form.
https://support.zerodha.com/category/account-op...
It just says to print & courier the filled form to their office. Have you tried it?

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bikidas2060 wrote:

We are insects pensive

Technically speaking humans, insects as well as all living things are made up of star dust. smile

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guest_999 wrote:

Technically speaking humans, insects as well as all living things are made up of star dust. smile

🤗🤗🤗🤗🙏🙏🙏🙏

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jainashish85 wrote:

I have an old karvy demat account, not opened for last 5 years, should I move to other provider?
Not sure if they have sold off my stocks.
How this can be done, can you help with procedure.

@jainashish85 you can check from cdsl easi if you have any holdings in that demat account and if yes then you can transfer to your new demat account where u want through cdsl easi
Pm me ill send you the steps

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guest_999 wrote:

I don’t think this is correct, zerodha own site does not mention having PoA as a requirement for submitting nomination form.
https://support.zerodha.com/category/account-op...
It just says to print & courier the filled form to their office. Have you tried it?

Yes I did although zero transactions as still learning about markets so not worried much lol

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@bikidas2060 @guest_999
One gets a consolidated account statement as hard copy via speed post if one is investing in mutual funds, is it true for shares also? Is the same sent by CDSL or NSDL or some other department/institution? How to tell them to change it to an ecopy?

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billubakra wrote:

@bikidas2060 @guest_999
One gets a consolidated account statement as hard copy via speed post if one is investing in mutual funds, is it true for shares also? Is the same sent by CDSL or NSDL or some other department/institution? How to tell them to change it to an ecopy?

You ll be charged extra but brokers give that facility. 🙂🙂

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billubakra wrote:

In India, YES. In developed countries no.
Here it is, I said it again.

In developed countries too. 🙂🙂🙂 We have strength in our numbers.

Missing